Online Gambling Bill Consideration Delayed by Financial Crisis
The Payment Systems Protection Act, Barney Frank's latest attempt to pull any claws the UIGEA might have, passed committee last week, but may not advance any further until next year.
The current Congressional session is scheduled to end Friday, and the bill is not introduced into debate on the House floor before the close of business that day, no vote would be forthcoming on the issue until the new Congress convenes in 2009.
While the bill is of major practical import to the online gambling industry, and philosophically important to voters who would like government to withdraw from interference in their everyday lives, it doe not seem likely to capture Congressional attention until the financial market crisis has been addressed.
The debate over the scope and regulations of a massive bailout of investment banking will probably dominate the time left to this Congress. Frank has his own desk full, as he will be in the thick of the discussion over the Wall Street mess. Frank is head of the House Financial Services Committee.
Still, Congressional leaders should be aware of the potential for economic disruption if the Internet casino issue is ignored. While the problems are not as large as those created by the mortgage crisis, there are many reasons to visit Frank's bill as soon as practical.
European trade partners can be appeased, credit companies let off the enforcement hook, tax revenue increased greatly, and American consumers properly protected if Frank's bill is passed. This deserves some thought and time, even from a very busy Congress.
